On 15 June 2020, almost four years after the UK voted to leave the EU, there was a video conference between the Presidents of the European Council, the European Commission, the European Parliament and the Prime Minister of the UK.
Brexit
The impact of the COVID-19 pandemic has had an unimaginable impact on day to day life. Our local government has implemented unprecedented measures as all industries adapt to events that change on a daily basis.
COVID-19 BelfastOn 16 June 2020, the European Commission launched a consultation on a new EU strategy to improve and accelerate patients’ access to safe and affordable medicines and to support innovation in the EU pharmaceutical industry.
EU, Competition & Procurement
The Irish government's Roadmap for Re-opening Society and Business sets out the plan for a gradual easing of lockdown restrictions.
COVID-19
As businesses across the EU are receiving State aid due to the COVID-19 crisis, it is worth recalling a decision made by the European Commission on 8 May 2020 dealing with a decision made in 2011 to approve State aid to credit unions in Ireland.
COVID-19Until now, it was possible, but not very likely, that the UK would seek an extension of the Brexit transition period beyond the current deadline of 31 December 2020.
BrexitNational regulators will expect a written pricing process to be developed in respect of UCITS and AIFs. This is if the ESMA proposal of 4 June 2020 directed at national regulators is implemented.
Asset Management & Investment FundsThe UK left the EU on 31 January last. Since then, for example, the UK no longer has members of the European Parliament, ministers attending EU council meetings or the right to nominate judges or commissioners to the EU Court of Justice or the Commission respectively.
Brexit
What new measures have been introduced by the UK government to provide further support to commercial tenants struggling to pay rent?
COVID-19 Belfast
ALG's Financial Regulation team has given an overview of the various statements compiled by the Central Bank of Ireland, the European Banking Authority, the European Central Bank and the European Securities and Markets Authority related to the COVID-19 pandemic.
COVID-19Domestically, the CBI has published a study concluding that there is merit to extending the scope of National Claims Information Database to employers' and public liability insurance. The CBI has also updated its COVID-19 Hub with guidance on temporary PCF approvals during the COVID-19 outbreak; At European level, EIOPA has published its May risk dashboard based on the Q4 2019 Solvency II data.
Financial RegulationDomestically, the CBI has published issue 5 2020 of its markets update; At European level, the ESRB has published a recommendation on liquidity risks in investment funds and the use of liquidity management tools and ESMA has published a statement supporting the ESRB recommendation. ESMA has published a statement on half-yearly financial reporting.
Financial Regulation
